On Friday, regulators took over Republic First Bank in Pennsylvania. The Federal Deposit Insurance Corporation (FDIC) reached an agreement with Fulton Financial (FULT) to acquire most of the bank’s deposits and assets.
Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits as of January 21. Thirty-two branches of the bank in New Jersey, Pennsylvania, and New York will be reopened as branches of Fulton Bank. The FDIC expects the deposit insurance cost related to Republic Bank’s failure to be around $667 million.
Following the news, Fulton stock surged 10% to $17.20 on Friday. FULT stock has a buy point of 17.09 from a consolidation period that started in late 2022. For stock market updates and more information, follow Ed Carson on Twitter at @edcarson1971 and @IBD_ECarson.
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